With Bitcoin being a pseudonymous virtual currency, it is easy for anybody to steal your money without being tracked down. Follow the tips in this article to stay safe when selecting a Bitcoin casino.
Pick a Trustworthy Site
Reputation means everything in the Bitcoin world. When you are deciding which site you should play on, you should consider all of the following factors:
- Site owner’s reputation – Try to find information on the person who is operating the gambling website, from sources such as Bitcoin Talk or #bitcoin-otc. If they are not an honest person, you should not trust them with your BTC.
- History with deposits and withdrawals – Look for information about deposits and withdrawals in the past. A site that continually fails to allow users to withdraw could be a scam.
- User feedback – Read what other people have posted about the website. Some websites you can find reviews and feedback on include the Gambling section of Bitcoin Talk, and Bitcoin Reviewer.
- Age of the site – Watch out for brand new gaming sites that offer things that are probably too good to be true, such as a negative house edge. Many of these sites are run by scammers who want to lure in inexperienced users.
Gambling Sites You Should Avoid
There are quite a few sites that are considered by most Bitcoin users to be untrustworthy. However, you should not just take our word for it; go and check the facts for yourself.
Casinobit is the name of a once-popular Bitcoin casino that offered roulette for Bitcoins. However, they had one feature that made them stand apart from the crowd, and that was the live roulette video feed. Players were able to watch a real dealer spin a roulette wheel in realtime. This made Casinobit a very popular casino.
Unfortunately, the casino decided to scam its users, and run away with their funds. They did this by launching a new investment feature. The owner promised users that they could double their BTC in a week. Some people were guillible enough to believe this, and they ended up losing hundreds of BTC.
The site owner has recently posted on the Bitcoin Talk forum that it was merely a technical error, and he will repay his debts to investors. Still, many people believe that Casinobit was actually a scam, and that investors will not get their money back.
Bitwin Casino is a Bitcoin casino that has been a hot topic for discussion recently. It is a new site that has many games, and has been hosting giveaways to new users. You might ask, “What’s wrong with Bitwin Casino then?”
The answer is that Bitwin Casino is manipulating the outcome of games to ensure that the house never loses. The games are not provably fair in any way. In fact, the administrator of the casino has confirmed that the software will cause the player to lose if the house is suffering from a loss. This is obviously unfair to users, who are looking to play a fair game.
There are many provably fair gambling options available, so there is no point picking a dishonest casino if you want to gamble.
In conclusion, we’d like to advise our users to stay alert for scamming Bitcoin casinos who are trying to defraud the community. We hope that you will be able to protect yourself against dishonest criminals who are out to get your money, by doing your research and learning how Bitcoin works. You can stay informed by reading Bitcoin gambling review sites, such as this one.
Avoid scam sites by reading expert reviews on Bitcoin Casino, gambling, and dice sites; visit BitcoinGamblingReview.com.